That’s the money question isn’t it? It depends on how soon you want your mortgage to close. A better question to ask: “Despite the credit score being low can you qualify with income, credit score you have, assets and other liabilities as well as the total new monthly mortgage payment?” If the answer is yes,…
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In order to get a mortgage despite having a short sale, you’ll have to provide some things to the mortgage lender including the final closing statement and/or copy of the deed on the note that was short saled previously. This is probably in the documents you receive from the title company when you did the…
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This depends on whether or not the bankruptcy was a Chapter 7 or Chapter 13. A Chapter 13 bankruptcy is typically 12 months with court approval for the purposes of getting a mortgage with at least a 620 credit score or better. Lets assume for our purposes it was a Chapter 7 bankruptcy, the full…
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This it depends on all four factors of creating a mortgage, credit, debt, income and assets. Assuming you have the necessary assets for down payment and/or reserves in the bank and your credit score is considered good, let’s look at the meat and potatoes, is there enough income to offset all monthly liabilities? How the…
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You are in luck! A middle 620 credit score or higher is needed for a conventional loan with at least 20% down. This could be your own funds or the funds can come in the form of a gift from family or close friends. This would typically be a non-mortgage insurance loan such as a…
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In short sometimes. Here’s what happens, the bank that owns the property is typically trying to control the transaction both on the listing side as well as on the buying side. Example-a bank such as Bank of America owns a house, in order for them to even consider looking at your purchase offer, they will…
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The Harp 2 Refinance Program allows homeowners to refinance without any loan-to-value restriction. The program is slated to expire December 31, 2013, so if you qualify, start the process now. Despite what your current mortgage lender will tell you or what you might hear in the media, the program does have debt to income requirements…
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While HUD, does not have a minimal credit score requirement for VA loans, or even FHA loans, most lenders have a credit score requirement of at least 640 or higher in order to successfully fund and close a VA home loan. If your credit score is 640 or better, you meet them credit score eligibility…
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